Combining two versatile words such as Fuck and Shit yeilds an extreamly versatile combination. Fucking Shit can be used to exclaim dismay or excitement, just about as versatily as either of its component words.

p1: Dude, I just got into a fender bender
p2: Fucking shit man, how bad is it?

p1: I just got 500 bux in the mail for no reason!
p2: Fucking shit!! You bastard!

1. A common phrase in the Phillipines.
2. A common form of intercourse in the Phillipines - which is why they say it a lot - in which a woman positions her cunt in front another's asshole which in turn shits into her cunt.

1. You, fucking shit. Why don't you wait 2 weeks like everyone else before invoicing me.
2. Two Filipino girls were lying on their sides on the floor with their vaginas pointed at the other's anus just fucking shit.